About This Fund
The Franklin Lexington Private Markets Fund (FLEX) is a continuously offered, closed-end tender offer fund co-advised by Franklin Templeton and Lexington Partners, one of the world's largest dedicated secondary private equity investment firms with over $83 billion in assets under management. Launched in 2025 with approximately $904.5 million in initial assets under management, FLEX represents the first registered tender offer fund focused exclusively on private equity secondary investments available to the U.S. wealth management channel. Registered under the Investment Company Act of 1940, FLEX is structured to bring institutional-grade secondary private equity access to individual investors and wealth advisors who have historically been excluded from this asset class.
FLEX pursues a diversified portfolio of secondary private equity fund interests and co-investments in new private equity transactions, acquiring interests across buyout, growth equity, venture capital, and other private equity portfolio strategies. The fund benefits from Lexington Partners' deep expertise in secondary transactions — the firm has been one of the most active global secondary buyers for over three decades — and from Franklin Templeton's extensive wealth distribution infrastructure and client relationships. FLEX is structured with quarterly liquidity, monthly subscriptions, and 1099 tax reporting to provide more accessible terms than traditional institutional drawdown funds, while maintaining exposure to the diversification and return characteristics of private equity secondaries. Target geographies span North America, Europe, Asia Pacific, and Latin America.
Lexington Partners' broader platform underpins FLEX's strategy. Its flagship institutional drawdown funds represent $72.4 billion in assets, and Lexington Co-Investment Partners VI ($4.6 billion, closed 2024) illustrates the firm's co-investment capabilities. FLEX was launched with anchor support from two leading U.S.-based wealth management firms, contributing to the $904.5 million initial AUM base. Franklin Templeton's acquisition of Lexington Partners in 2022 positioned the combined firm to create this crossover vehicle, expanding Lexington's institutional secondaries expertise into Franklin Templeton's extensive wealth channel distribution network serving advisors and individual investors.